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Smart Ring Giant Oura Files for Public Offering
4 Sep
Summary
- Oura's revenue surged to $1.2 billion in a nine-month period.
- The company has sold 3.6 million rings and has 5 million paid members.
- A lawsuit alleges Oura misleadingly advertised sleep tracking accuracy.
Oura, the smart ring manufacturer, has officially filed for an initial public offering (IPO). The company reported significant revenue increases, reaching $1.2 billion in a nine-month period ending June 30 this year. Oura has successfully sold 3.6 million rings over the past year and currently serves about 5 million paid subscribers.
The wearable company, founded in Finland in 2013, is seeking to go public after previously filing confidentially in May. This move follows reports that Oura might aim for a $16 billion valuation, a notable increase from its $11 billion valuation last October. Oura sees its future growth extending beyond fitness tracking into broader health intelligence, supported by a vast dataset of physiological information.
This IPO filing occurs amidst a proposed class action lawsuit. Oura is accused of misleading consumers regarding the accuracy of its sleep tracking technology. The suit claims the rings rely on AI estimates rather than direct physiological signals for sleep stage detection. Oura has denied these allegations and stated it will contest the claims.
